Updated on March 4
E.ON UK PLC Pension Scheme, Coventry, England, hired Cardano as investment services provider for the entire £5 billion ($7.6 billion) fund, according to Phil Page, client manager at Cardano.
Cardano will provide asset allocation, liability hedging and manager selection services. “In line with any advisory mandate, we will conduct a full investment strategy review,” Mr. Page said in a telephone interview.
Neil Smith, CEO of the fund, could not be reached by press time for comment. In a news release from Cardano about the appointment, he said, “Recent events have shown how important it is for trustees to focus on the funding position and to manage risks but also to adopt an innovative approach to generating returns.”
Mr. Page declined to say which managers had run the fund's portfolio. According to Pension Funds and their Advisers 2009, the managers include Aberdeen Asset Management, AllianceBernstein, Baillie Gifford, BlackRock, Capital International, Insight Investment Management, Jupiter Asset Management, Schroder Investment Management, Standard Life Investments and WAMCO. Hewitt Associates is listed as the fund's investment consultant.
